Powerlong Real Estate Holdings Limited (1238.HK)

UPDATE 1-China's Powerlong Real Estate warns of debt default risk

Powerlong Real Estate said on Wednesday its cash on hand and bank deposits would not be enough to cover existing and future debt, making it the latest Chinese property developer that could default. In an exchange filing, Powerlong also said it has not made an interest payment of $15.9 million under 5.95% senior notes due April 2025 issued by the company. Powerlong Real Estate's interest became due and payable on Oct. 30 and the company had a grace period of 30 days to make the payment.